CORRECTED - UPDATE 1-NetApp profit beats view, co names new CEO

(Corrects to show Canaccord Adams raised price target, not rating, last paragraph)

* Profit excl items $0.22/shr vs Street view $0.20/shr

* Revenue $838 mln vs Wall St view of $829 mln

* President Tom Georgens to take over as chief executive

* Shares drop 5.4 percent after hours

LOS ANGELES, Aug 19 (Reuters) - Data storage equipment maker NetApp Inc (NTAP.O) reported a quarterly profit that topped Wall Street estimates and said President Tom Georgens would take over as chief executive immediately. Shares fell 5.4 percent in extended trade.

The announcement comes after the company lost a high-profile bidding war for specialty data storage technology company Data Domain Inc DDUP.O last month to bigger rival EMC Corp (EMC.N).

Net profit rose to $51.7 million, or 15 cents per share, compared to $34.7 million, or 10 cents, a year earlier.

Excluding items, NetApp earned 22 cents per share in its fiscal first quarter ended July 31, above above the average analyst forecast of 20 cents per share, before items, according to Reuters Estimates.

Revenue fell 4 percent to $838 million, beating the average analyst forecast of $829 million.

The company said its chief operating officer and president, Georgens, will succeed Dan Warmenhoven as CEO effective immediately. The transition "is the result of a management succession process," NetApp said in a statement.

Sunnyvale, California-based NetApp had sought to stimulate sluggish sales by acquiring fast-growing Data Domain, whose technology helps companies save money by weeding out duplicate data and saving precious disk space.

Shares of NetApp were down 5.4 percent at $21.66 in extended trade after closing at $22.89 on the Nasdaq.

Before the results were released, analysts at BMO Capital Markets raised their ratings on NetApp to "outperform" and Canaccord Adams raised its price target to $25 a share up from $22.50.

(Reporting by Laura Isensee, editing by Leslie Gevirtz)